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Bitcoin Price Surges Above $67,000
The price of Bitcoin (BTC) has surged above the $67,000 mark amid declining outflows from Grayscale’s Bitcoin ETF (GBTC).
According to data from Farside, GBTC saw $79.3 million in outflows on Thursday, marking the third consecutive day of less than $100 million in withdrawals. Grayscale saw outflows totaling $81.9 million and $75.1 on Tuesday and Wednesday, respectively, a notable decline from $302.6 million recorded on Monday.
Bitcoin ETFs Net Inflows
Spot Bitcoin ETFs have also seen net inflows over the past three days amid declining Grayscale outflows. On Thursday, the combined net outflow for Bitcoin spot ETFs reached $106 million, even without considering Fidelity’s ETF FBTC data which is not available as of this writing. BlackRock’s ETF IBIT saw a net inflow of $144 million, with other funds registering another $40 million in inflows.
Last week, Spot Bitcoin ETFs saw approximately $850 million in net inflows, followed by $85 million in outflows on April 1 and $40 million in inflows on April 2. Overall, Bitcoin spot ETFs have attracted a cumulative net inflow of $12.3 billion.
Bitcoin Price and Analysts’ Predictions
The positive flows in Bitcoin ETFs coincide with a surge in the price of Bitcoin, which surged to as high as $69,291 over the past day before trimming gains. As of now, the leading cryptocurrency is trading at around $67,000, up by almost 2% over the past day.
Analysts expect Bitcoin to reach $75,000 by the upcoming halving event. Historically, BTC halving events have marked significant points followed by 9-18 months of uptrend, culminating in cycle peaks. However, this time, BTC reached its all-time high in anticipation of the halving, indicating a departure from previous cycles.
Impact of Halving Event on Mining Companies
The halving event will also impact mining companies. With BTC block rewards decreasing and the BTC hashrate consistently rising over the past few years, the profitability of mining farms has steadily declined, bringing the need for greater capital efficiency to remain viable.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
